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Sealed proposals for the purchase of $10,000,000 general obligation bonds hereinafter described of the City of Portsmouth, Virginia, will be received at the office of the City Manager, Municipal Building, Portsmouth, Virginia, until twelve o'clock Neon, Virginia time, on Thursday, October 27, 1977, at which time and place all proposals will be publicly opened. The bonds offered for sale (the "Bonds':) consist of two is- sues of general obligation bonds: 1. $7,0D0,000 General obligation Bonds maturing in the principal amount of $350,000 on January 1 in each of the years 1979 through 1998. 2. $3,000,000 Public Utility Bonds maturing in the princi- pal amount of $150,000 on January 1 in each of the years 1979 through 1998. The Bonds will be dated November 1, 1977; will be in coupon form registrable as to principal only or as to bo~h principal and interest; will be of the denomination of $5,000 each; and will bear interest payable July 1, 1978, and semi-annually thereafter on January 1 and July 1 of each year. Both principal of and inter- est on the bonds will be payable in such coin or currency of the United States of America as at the respective dates of payment is legal tender for the payment of public and private debts, at the principal office of The Chase i~[anhattan Bank (National Association) in the City of New York, New York, except that interest on any bonds while registered as to both principal and interest shall be paid by the City. The Bonds of each issue maturing on and after January 1, 1989 shall be subject to redemption at the option of the City prior to their stated maturities on or after January 1, 1988 in whole at any time, or in part from time to time on any interest payment date in any order determined by the City (except that if less than all of the Bonds of a maturity of such issue are called for redemption, the particular Bonds of such maturity of such issue to be redeemed shall be selected by lot), upon payment of the prin- cipal amount of the Bonds to be redeemed together with the inter- est accrued thereon to the date fixed for redemption plus a pre- mium of one-half of one percent of the principal amount of each Bond to be redeemed for each six month period or fraction there- of between the date fixed for redemption and the stated maturity date of such Bond, such premium in any event not to exceed three percent of such principal amount. -10-